The average level of Social Security benefits for retirees aged 67 and above is adjusted upward each year with subsequent increases in the:
A) retirees' income.
B) number of dependents.
C) quality of life.
D) cost of living.
E) preretirement cost of living.

Question

Quizplus · Accepted Answer

Social Security benefits for retirees aged 67 and above are adjusted upward each year with subsequent increases in the cost of living. This is done according to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the prices of goods and services. As the cost of living increases, the Social Security Administration increases benefits to ensure that retirees can maintain a consistent standard of living.

The Average Level of Social Security Benefits for Retirees Aged